Narrative is positive, but the market is indeed overheated; a geopolitical change can cause a pullback. Setting proper stop-losses on holdings is more important than chasing highs.

The impact of Hormuz on BTC is currently a structural bullish narrative (oil pricing BTC) combined with short-term sentiment-driven price increases, but the technicals are already overheated, and geopolitical situations could reverse at any time—remember to set proper stop-losses if you're holding positions, and be cautious about chasing highs at this point.